Executive general manager international for institutional banking and markets, James Rickward, noted CBA's clients can already open accounts, settle trades in RMB and execute RMS electronically using the CommBiz Markets platform.

"With growth in trade and investment flows expected to accelerate between China and Australia as a result of the China free trade agreement, CBA is now well positioned to support our clients in our specialist sectors of natural resources, utilities, transport, and financial institutions.

"CBA is committed to China and has been closely following the development in RMB and are a foundation member of the Australia ASX-Bank of China RMB settlement platform launched last year.

"We expect to see ongoing developments in this space as companies understand the benefit of using RMB ranging from cost savings, better trade terms and much improved settlements cycle," Mr Rickward said.